Ensure the safety of your future retirement; don’t wait to open an Individual Retirement Account (IRA). Can’t decide between a Traditional or Roth IRA? See all the benefits a River City IRA has to offer.
- No minimum balance requirement
- Earn Annual Percent Yield
- Earn Membership Dividends
River City FCU offers several types of IRAs, including Traditional, Roth, Simplified Employee Pension (SEP) IRAs, and IRA term share certificates. We also offer Coverdell Education Savings Accounts (formerly Coverdell IRAs).
Traditional and Roth IRAs are among our most popular IRA offerings. To choose the IRA that works best for you, consider the following:
Choose a Traditional IRA if you:
- Are eligible for this deduction
- Anticipate a higher tax rate while saving and a lower one during retirement
- Plan to withdraw at least the required minimum distribution amounts during retirement
- Aren’t concerned about tax implications to beneficiaries
Choose a Roth IRA if you:
- Aren’t eligible for the Traditional IRA deduction or to contribute to it because of the age limit (70.5 years)
- Anticipate a lower tax rate while saving and a higher one during retirement
- Want to avoid the required minimum distribution amounts
- Are concerned about tax implications to beneficiaries
Individuals under 50 years old can contribute up to $5,500 every year; people 50 and over can contribute an additional $1,000 for $6,500 total. Contributions can’t total more than your annual compensation. Talk to your Tax Advisor for more information about annual IRA contribution limits.